Mar 5, 2010 -
Recent changes in check processing at the Federal Reserve Bank have reduced the number of business days banks may place holds on deposited checks. Claremont Savings Bank has amended its Funds Availability Policy to accommodate these changes which are itemized below:
- Depending on the type of check you deposit, the number of business days a deposit may be delayed has been changed from five days to two days from the day of deposit. $100 remains available the first business day.
- Relative to the delays that may occur due to other reasons such as the size of the check (greater than $5,000), a redeposited check, or repeated overdrafts on your account the delay as been decreased from eleven business days to seven business days after your deposit.
These changes became effective on February, 26, 2010. If you have any questions about these changes please call Claremont Savings Bank at 603.542.7711.